Sallie Mae 2008 Annual Report Download - page 41

Lending APG
Corporate
and Other
Year Ended
December 31, 2007
Interest income:
FFELP Stafford and Other Student Loans.................... $ 2,848 $ — $ —
FFELP Consolidation Loans ............................. 5,522 — —
Private Education Loans ................................ 2,835 — —
Other loans .......................................... 106 — —
Cash and investments .................................. 868 — 21
Total interest income ..................................... 12,179 — 21
Total interest expense .................................... 9,597 27 21
Net interest income (loss) ................................. 2,582 (27) —
Less: provisions for loan losses ............................. 1,394 — 1
Net interest income (loss) after provisions for loan losses .......... 1,188 (27) (1)
Contingency fee revenue ................................ — 336 —
Collections revenue .................................... — 269 —
Guarantor serving fees.................................. — — 156
Other income ........................................ 194 — 218
Total other income ...................................... 194 605 374
Restructuring expenses ................................. 19 2 2
Operating expenses .................................... 690 388 339
Total expenses ......................................... 709 390 341
Income before income taxes and minority interest in net earnings of
subsidiaries .......................................... 673 188 32
Income tax expense
(1)
.................................... 249 70 12
Minority interest in net earnings of subsidiaries ................. — 2 —
“Core Earnings” net income ............................... $ 424 $116 $ 20
(1)
Income taxes are based on a percentage of net income before tax for the individual reportable segment.
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